Medtronic in advanced talks to merge with rival, report says

Combining with Ireland-based Covidien would reduce Medtronic's tax burden, according to an article published Saturday by the Wall Street Journal.

The deal, which could be announced as soon as Monday, is valued at more than $40 billion, the Wall Street Journal reported.

In May, Fridley-based Medtronic reported fourth-quarter earnings of $448 million on $4.57 billion in revenue, a 54 percent decline in earnings from the same period last year and a 2 percent increase in revenue.